Mumbai, 29 Feb (Commoditiescontrol): Chicago Board of Trade (CBOT) wheat futures closed mostly lower on Wednesday as forecasts for large Russian production highlighted strong competition for global export business, analysts said.
Chicago Board of Trade March soft red winter wheat futures settled 15 cents lower at $5.71 per bushel, and most-active May wheat ended 9-1/2 cents lower at $5.74-3/4 per bushel.
Chatter about potential deliveries against the March contract on first notice day on Thursday pushed down the front-month contract, brokers said.
K.C. May hard red winter wheat finished down 4-3/4 cents at $5.81 a bushel, while MGEX May spring wheat last traded down 6-1/4 cents at $6.56 a bushel.
Euronext wheat also fell, pressured by exiting of positions in soon-to-expire front-month futures and a backdrop of large wheat inventories across Europe.
Russia has ample supplies of exportable grain, analysts said, and Ukraine's grain exports so far in February have exceeded the last year's level by almost 12%.
On Thursday, the U.S. Department of Agriculture is expected to report 2023/24 U.S. wheat export sales of 200,000 to 500,000 metric tons for the week ended Feb. 22, analysts said.
(By Commoditiescontrol Bureau: 09820130172)
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